Revaluation Program Q&A

A Revaluation Program seeks to spread property taxes equitably within a taxing district, such as the Township of Verona, by making sure that each property is assessed on the basis of its value.  Each parcel in the Township will be inspected on the interior and exterior, if possible, and appraised.  A market value, as of October 1, 2025, will be established.   The revaluation process is revenue neutral, meaning no additional taxes will be raised as a result of completion of this program.

It is the highest price, as of a specific date, in cash, or its equivalent, for which a property should sell after reasonable exposure in a competitive market. In addition the buyer and seller should each act prudently, knowledgeably & for self-interest, and assuming that neither party is under undue duress.

A comparable sale is a property that has a similar location and physical characteristics to the property being appraised and has sold within a reasonable time period prior to the appraisal date.

Each property will be physically inspected on the exterior and interior by an experienced field representative.  Structural and descriptive details of the property and neighborhood will be noted.   The outside measurements of each building will be taken to determine the square footage content of the dwelling or building.  This property data will be entered into a computer assisted mass appraisal program and a preliminary value estimate will be established utilizing the “Real Property Appraisal Manual of New Jersey Assessors”.   The preliminary value estimate will then be adjusted to a final market value estimate using comparable sales data from that neighborhood or a homogeneous neighborhood, if necessary.   Some income producing commercial properties may be appraised using an income capitalization method.

The program will begin with the receipt of this brochure and introduction letter.  All work will be completed by December, 2025 in order to use the new assessments for the 2026 Tax Year.  Field inspections will run from January through October, 2025.

Equitable assessments depend on the cooperation of the property owners.  Interior inspections, especially, require that residents cooperate with the data collectors.  The validity of a market value depends on the collection of accurate data.  Property owners have a stake in the outcome of the revaluation program.

 Any assistance a taxpayer can provide will aid in the total data collection process.  If there is information you believe should be considered in the valuation, please inform the data collector.  We will make every effort to cause property owners the least possible inconvenience.  

Photographs of your property will also be taken by the revaluation firm.  The photographs will be taken from a public right-of-way on a different date than the property inspection.  You do not need to be present or involved in this phase of the project.

The data collectors are not responsible for developing the market value estimate.  Their job is to collect pertinent information to be used later   to develop the property’s value.

 Data collectors will record such items as the type of interior wall construction, the number of bathrooms, type of heat, central air conditioning, livable area, and the percentage of finished attic and/or basement areas, in-ground pools and number of fireplaces.  The exterior inspection includes measurements of each structure, such as garages or other accessory buildings, determination of story height, roof structure, and type of foundation and exterior wall construction.   The physical condition of the structure is noted to establish depreciation factors.  All factors relative to market value are considered.

 Examples of what would not be noted would be interior decorations, fences, window air conditioners, gas grills, lawn furniture, above ground pools, and small sheds.

If you’re not at home when the data collector visits your property, an exterior inspection will be completed and a notice will be left asking you to call for an interior inspection appointment.  Appointments can be scheduled on weekdays, evenings, as well as Saturdays, if need be.   If the representative is unable to inspect your home or if you refuse entry, the interior information will be estimated which may cause your home’s valuation to be at the highest level for your property type, so your cooperation will be greatly appreciated.

When every property in the Township of Verona has been revalued, you will receive a letter.  Letters will be mailed in the late fall of 2025.  You will be given the opportunity to discuss your assessment and review your property description with a representative of the revaluation firm.

Individual values may increase or decrease depending on the market value at the time of the revaluation.  

The Revaluation Process is revenue neutral.  In other words, no additional taxes overall will be raised for the school, county, or municipality as a result of the completion of this process.  The impact of the new assessments will not affect the property owner’s tax bill until the 2026 Tax Year.

If for any reason a taxpayer is not satisfied with his or her assessed value for any given year, the taxpayer has the right to file a formal appeal with the Essex County Board of Taxation on or before April 1^st of that given year. (extended to May 1^st for the first year after the revaluation)